See the following guide to reporting Cryptocurrency using TurboTax:
If you cannot import from Coinbase, you can enter up to 50 transactions manually or use a transaction aggregator. There are mutliple crypto reconciliation services available that will aggregate your crypto activity for you. TurboTax partners with several; they are listed in the Cryptocurrency section.
This is very frustrating. Why is there an option to import a csv from coinbase but turbotax will not accept the csv file... this sounds like Turbotax is forcing you to pay for a third party service... and perhaps make take a cut of the transaction to the third part... shady.
This Turbo Tax FAQ will provide more information.
All of these “Experts” need to update their information. I’ve seen several replies with this same response. The the link shows instructions that are from last year. Coinbase no longer offers the “Gains/Loss Calculator“! The question is: From Coinbase, how does one produce the proper CSV file that TurboTax will correctly upload to TurboTax Premier online? TurboTax gives the option to upload the Coinbase CSV but the Coinbase CSV format does not work with TurboTax! There’s a bit of false advertising when it comes to their compatibility. After already upgrading to Premier for this service (as TurboTax requires for the service), we all go down the road to find that additional costs (such as the $150.00 CoinTracker services) are needed to produce the proper CSV file in order to upload to TurboTax. It’s a bunch of shady business partnerships formed to pull more money from consumers. We want this fixed! At this point, I’d settle for a sample CSV file (in the format that TurboTax accepts) so that I could copy the format to the bunk Coinbase CSV prior to upload.
Preach! This is exactly true and all over similar forums and yet they've done nothing. I refuse to pay for Cointracker when this should work perfectly fine. I've talked to reps for hours. This is like the government where you have a fundamental problem and apparently they're all sitting there doing nothing and not sending it up the chain. Do your job, tell the necessary people to resolve this for the 2021 tax season. Experts...
Not helpful... That FAQ provides no real solution to my question. Referring people to a third party service to pay even more money is a horrible practice and defeats the purpose of using TurboTax as a "do it yourself" option... Ive been using TurboTax for about 8 years now and since last year i have been considering paying a representative at H&R Block to just do my taxes. Might have to consider that option this year since your csv upload does not work..
To be fair the government suffers from a wide variety of inefficiencies that contribute to them providing subpar services. TurboTax is worse as they are using these business practices on purpose to milk money from the customer.
If I'm not mistaken, It's Coinbase that is the culprit here. They changed the way their CSV file is formatted, making it non compatible with TurboTax. I believe they did this as a business deal with Cointracker. People would get to the position we are complaining about being in now, throw their hands up and just pay Cointracker to get the job done. But Turbotax should be responsible for the way they advertise the simplicity of just uploading a Coinbase CSV. Coinbase is a dead end with Turbotax, so Turbotax needs to remove the Coinbase logo from their site instead of telling people that if they upgrade to Premier, the upload will go smoothly. But they won't do this because just advertising Coinbase compatibility brings in lots of money. If Turbotax and Coinbase want to partner up, great! But stay compatible! Stop screwing over your customers. I'll say it again; give me a sample CSV that will upload and I could easily reformat the headers to the acceptable format myself!
The current csv from coinbase will not load into turbotax,. Says "no headers found in this file" any suggestions or new instructions for 2020 csv?
Have you figured this out yet. I need help as well. It tells me "no headers found in this file"
It depends. Refer to this page to see if the steps that have worked for others will work in your situation.
You’re getting that error message because the CSV produced by Coinbase contains headers that are not formatted correctly to be recognized by the Turbotax system. This is what this thread has been discussing (read previous content). Every now and again you’ll get a response from an “Expert” but I think it’s just a bot, or someone not paying any attention to the problem. Only getting thoughtless/worthless advice. A paid service such as CoinTracker will link with your Coinbase account and produce the correct CSV that will upload to Turbotax. Depending on the amount of transactions you’ve made last year, the cost for this 3rd party service is anywhere from free to $200.
I keep getting a page from that link that I don't have permissions to view this link?
I'm not paying a "third party" for the service already advertised by turbotax and coinbase. If I end up having to I'm signing up for the class action already brewing
Don't use TurboTax Live if you have a Coinbase account. My tax expert finally got back to me 8 days after I submitted my 1099 he was waiting for. TurboTax and Coinbase make it LOOK like it's simple to upload but it WILL NOT WORK. My tax expert called me at 10:30 last night to tell me that the TurboTax software would not let him import my document and he couldn't enter it manually because it looked like "gobbly **bleep**". Incredibly frustrating because I'm not a tax pro and I don't know how to enter the information from my coinbase .csv document. I know Coinbase allows you to download and import but TurboTax WILL NOT be able to do anything. I was told to go to a tax pro near me. Turbotax is great other than that.
TurboTax - Cut the BS and fix your product. People shouldn't have to pay for another 3rd party app to capture cryptocurrency transactions. For all the lobbying money you guys spend to prevent our government from automating the tax filing process, you can at least pay a college intern for week's worth of development to resolve this issue.
All these answers from users and TT are for the Online version. I have the desktop Premier, which does not have the cryptocurrency under Investment Income. Can anyone help me with the desktop version?
If TurboTax won't accept your CSV file, proceed as follows.
Adjust your csv files so the columns are in the same order as on Form 8949.
Put a header with your name tax year and SS Number.
Use the summary option and then you can mail in the printout of the CSV files.
See the TurboTax instructions that will pop up.
You would use Category C and/or F since you don't have a 1099-B.
Note: only SELL transactions are reported on Schedule D.
1. Use this website www.eastxf.com to convert csv to txf file. Make sure re-format Coinbase or Cointracker csv file to the style instructed by the website. Otherwise it will not convert.
2. Once you have txf file, you just go to your turbotax software, under File/Import/ Other institution software and select the txf file you converted and done!
Please follow this TurboTax FAQ for steps on how to "How do I upload a CSV file of my crypto transactions?"